NASCAR loses to 23XI, Front Row Motorsports in court but may appeal

Baffert was suspended for three years from competing at Churchill Downs after a horse he’d trained, Medina Spirit, won the Kentucky Derby in 2021 but tested positive for an anti-inflammatory drug that’s not allowed on race days — and was disqualified. “I mean, it was, you know, the acquisition of CGR was because I had tried to acquire four or five charters and lost every single one of them, and had to just start getting creative.” The 23XI team is owned by Hamlin, Jordan and Curtis Polk and fields cars driven by Bubba Wallace and Tyler Reddick.

It’s headed by former hedge funder Jack Wolf, and it produced 2018 Triple Crown winner Justify and 2020 Derby and Breeders Cup winner Authentic, both trained by Baffert. The median price to purchase a race horse is about $30,000, according to BloodHorse, a publication for owners and breeders that tracks sales and the state of the market. Baffert told CNBC he believes horse racing needs more high-profile events with big purses to drum up buzz.

In 2022, $12 billion was wagered thisweekinmotors.com on horse races, marking a new record, according to an analysis by the New York Thoroughbred Horsemen’s Association, or NYTHA. Reliable estimates of global horse-racing revenues are hard to come by, experts say, in part because of the private nature of ownership and in part because of the wide variety of metrics used. Lydia Mee is a passionate motorsport journalist with a background in covering Formula 1, NASCAR, electric vehicles, and other various motorsports.

Formula 1 News and Analysis

• Over a little more than two decades, Starlight-owned horses have finished in the money more than 50% of the time, raking in more than $64 million in total purse money.
• As far as concrete financial returns go, he said, “We’ve been successful some years, and some years we haven’t been. It’s a very tough business, a very tough way to make a return on your money, but it can be done.”
• Investors don’t want their money attached to potential rules or ethics issues, Lazarus told CNBC.
• “I think the value of horses are going to go up,” Moses said, pointing to the bigger payouts and purses brought in by the boom in legalized online sports gambling.

In May, Front Row Motorsports announced it’s expanding to a three-charter team in the Cup Series in 2025. “It is good to get the news out now as we have a lot of work to do to prepare a new team,” Freeze said at the time. “All of us on the leadership team will be working through that, obtaining the parts and pieces needed for the new team. And, most importantly, adding to the dedicated and talented staff and culture that exists today within our organization. NYRA, for one, is seeing a major boost from expanded national television coverage of its races. Fox Sports, a minority equity owner in NYRA Bets, airs 1,000 hours of horse racing throughout the year.

Schmidt, Peterson bid farewell to Arrow McLaren

While competing in the top rung of the American open-wheel ladder system, Schmidt’s teams captured seven drivers championships — most notably two-time IndyCar champ Josef Newgarden. Front Row Motorsports announced it has finalized the purchase of a third charter from Stewart-Haas Racing. In his statement, Front Row general manager Jerry Freeze said an announcement on the driver, car number and additional partners will come soon. In 2020, racing horse deaths in the U.S. amounted to 1.41 per 1,000 race starts, according to HISA, which launched a track safety program in July 2022. After the agency standardized doping regulations and enforcement, horse deaths fell to an estimated 0.9 per 1,000 race starts in 2024. “By prioritizing consistent and transparent practices, HISA aims to reassure fans and the public that horse racing operates with integrity and safety at its core,” Lazarus told CNBC.

Blue Prince finished strongly at Lingfield in November over seven furlongs and was then tried over a mile at Chelmsford, where he finished fifth. He is well worth another crack at this trip and should perform well.Popmaster finished third in a listed contest at Kempton last time and cannot be ruled out, along with last-time-out winner Apiarist. McDowell left Front Row at the end of the year, and the team signed Noah Gragson to a multi-year contract in July. Despite the Freehold Raceway closure, Penn Entertainment said in a statement it’s looking to expand gaming tied to horse racing. Lazarus said that in the end, HISA’s oversight and regulation will fuel more investment — similar to that of sports gambling or cryptocurrency — because the rules and legality are clearer.

“Our operational strategies present a model for other racing events to follow. Overall, the Kentucky Derby is not just a standalone event but a blueprint for the future of horse racing,” said CEO Bill Carstanjen. FanDuel, the nation’s leading sportsbook by market share, partnered with the Kentucky Derby for a second year in 2024. The company told CNBC that the volume of bets on Derby day hit the same level as Super Bowl gambling in the same year. Growth in sportsbooks as well as the increased access Americans now have to legalized, online sports wagering is fueling optimism for horse racing’s resurgence. New ways to bet on horse racing means a new generation of sports enthusiasts is getting exposure to the sport.